Tech:NYC Executive Director Julie Samuels released this statement today after the New York City Council passed legislation to put a cap on ridesharing services like Uber, Lyft, and Via:

“Today’s vote is both a step backward for New York and a bad sign for our local tech ecosystem. While there’s no doubt City Council means well with this legislation, the truth is it’s a misguided solution that’ll create more problems than benefits. Everyone wants to reduce congestion, protect drivers, and create safer streets. But there’s little evidence a rideshare cap will do that. Instead, what New Yorkers can expect are increased costs for transportation, a shortage of vehicles in the outer-boroughs, and the entrenchment of an industry that thrives with greater competition. All of this will slow down our city, and sends a signal to tech companies that New York is not open to innovation.”